I made approximately $300 last year on my side biz. I think I have to submit a Schedule C...but does that mean I'm paying more by not taking the standard deduction?

[mat1105]

I have a very small side business (photography) that made about $300 last year.  I had about $50 in expenses.  I think I must submit a Schedule C...but does that mean I pay more taxes than I would if I could take the standard deduction?  What are my options?

[VolvoGirl · Accepted solution]

Don't confuse itemized deductions on schedule A with your business expenses/deductions on schedule C. They are separate. For Schedule A personal deductions, you get to take your itemized deductions or the standard deduction, whichever is larger.

You get to take both,  your business expenses AND the Standard Deduction (or your personal Itemized Deductions).

[mat1105]

Thank you VolvoGirl!